Quent Long Short Global Small Cap Fund LP Buys New Holdings in Procore Technologies, Inc. $PCOR

Key Points

• Quent Long Short Global Small Cap Fund LP initiated a new position in Procore Technologies, buying 39,339 shares valued at about $2.86 million during the fourth quarter.
• Analysts have trimmed target prices but the consensus remains a "Moderate Buy" with an average target of $75.25, while the stock trades around $53.38 (down ~6.1%) and the company has a market cap near $8.01 billion.
• Procore beat Q4 EPS and saw revenue rise ~15.6% year-over-year, yet it still reports a negative net margin and ROE; insiders sold roughly 148,026 shares (~$7.78 million) in the last 90 days and insiders own 21.5% while institutions hold about 81.1% of shares.

Quent Long Short Global Small Cap Fund LP purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 39,339 shares of the company's stock, valued at approximately $2,862,000.

Several other hedge funds also recently added to or reduced their stakes in PCOR. B. Metzler seel. Sohn & Co. AG boosted its position in Procore Technologies by 3.8% in the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 50,545 shares of the company's stock worth $3,677,000 after purchasing an additional 1,846 shares in the last quarter. M&T Bank Corp boosted its position in Procore Technologies by 1,840.8% in the 4th quarter. M&T Bank Corp now owns 144,900 shares of the company's stock worth $10,540,000 after purchasing an additional 137,434 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in Procore Technologies by 0.5% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 54,027 shares of the company's stock worth $3,932,000 after purchasing an additional 270 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Procore Technologies by 3.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,928 shares of the company's stock worth $2,832,000 after purchasing an additional 1,255 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its position in Procore Technologies by 98.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 9,083 shares of the company's stock worth $673,000 after purchasing an additional 4,505 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $90.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday, February 9th. BMO Capital Markets lowered their target price on shares of Procore Technologies from $87.00 to $67.00 and set an "outperform" rating on the stock in a research note on Thursday, February 5th. Zacks Research raised shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 18th. Barclays lowered their target price on shares of Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a research note on Friday, February 13th. Finally, Piper Sandler lowered their target price on shares of Procore Technologies from $91.00 to $79.00 and set an "overweight" rating on the stock in a research note on Friday, February 13th. Fourteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $75.25.

Procore Technologies Trading Down 6.1%

Shares of Procore Technologies stock opened at $53.38 on Friday. The firm has a market capitalization of $8.01 billion, a PE ratio of -79.68 and a beta of 0.85. Procore Technologies, Inc. has a twelve month low of $46.08 and a twelve month high of $82.32. The firm's 50-day moving average price is $55.25 and its 200 day moving average price is $65.23. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.02. The company had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 EPS. On average, sell-side analysts predict that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 9,615 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total value of $523,825.20. Following the transaction, the director directly owned 1,012,136 shares of the company's stock, valued at $55,141,169.28. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin C. Singer sold 4,225 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares in the company, valued at $3,233,000. This trade represents a 6.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 148,026 shares of company stock worth $7,783,734. Corporate insiders own 21.50% of the company's stock.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

Want to see what other hedge funds are holding PCOR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procore Technologies, Inc. (NYSE:PCOR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.